IC Markets Secures Regulatory License in Kenya

Leading FX and contracts for difference (CFDs) broker IC Markets has expanded globally and strengthened its position in the African financial industry by obtaining a regulatory license in Kenya. The Capital Markets Authority (CMA), Kenya's financial regulatory body, granted this license to locally registered IC Markets Kenya Limited.

The license puts IC Markets in line with other foreign retail brokers in Kenya by enabling it to operate as a non-dealing online foreign currency broker.

CMA CEO Wyckliffe Shamiah expressed confidence in the growing number of brokers wishing to get licenses in Kenya. “A good development that promotes competition, innovation, and wider access to capital markets products and services for retail investors is the growing demand for intermediary sector licenses,” Shamiah said.

This license is part of a bigger pattern that has been seen in Kenya, where the financial services industry is growing significantly as a result of the nation's strong economic growth and technical developments.

With about 54 million people and a nominal GDP of over $113 billion, Kenya is the seventh-biggest economy in Africa. Kenya appeals to retail brokers because of its growing income levels and extensive usage of mobile and internet technologies.

Being one of the few regulated companies to join this specialized market sector, IC Markets' entrance into Kenya follows its recent foray into proprietary trading services, which was launched in March.

Notwithstanding this expansion, IC Markets failed to reply by press time when Finance Magnates asked for a comment on the new licensing.

International FX and CFD brokers find the Kenyan market more and more intriguing. FP Markets, Pepperstone, Exness, Admirals, INGOT Brokers, Scope Markets, and Exinity are among the well-known companies that have established operations and obtained regulatory clearance in Kenya. This pattern emphasizes how strategically significant Kenya is as an African center for FX and CFD brokerage services.

Joining a group of esteemed companies taking advantage of Kenya's organized financial sector, IC Markets is navigating its new regulatory framework. With this move, the firm should be able to provide its expanding clientele of international customers with strong financial trading choices and improve its service offerings and market presence in Africa.